US, October 20, 2014: Asia Pacific is likely to become the largest smart city market by 2015, claims a recent report from Navigant Research that is examining the evolution of the global smart city market through 2023. The report states that the cumulative global investment in smart city technologies is expected to total $174.4 billion from 2014 to 2023.
The global smart city technology market is forecast to be worth more than $27.5 billion annually by 2023, compared to $8.8 billion in 2014, according to the report. Much of this growth is expected to come from Asia Pacific, which is projected to become the largest market for smart city technologies by 2015 and to grow to $11.3 billion annually by 2023.
“Rapid urbanisation, particularly in developing regions of the world, is creating increasing demand for smart grids, advanced water monitoring systems, transportation management systems, and energy efficient buildings. Underpinned by information and communications technologies (ICT) that are deeply embedded in the fabric of old and new cities, these technologies have the potential to profoundly change the way cities operate and how people live and work in these environments,” Eric Woods, research director with Navigant Research.
The report also compares different approaches to the smart city and provides comprehensive profiles of noteworthy smart city projects in each major world region, and examines the significant market drivers and challenges related to smart cities, as well as the competitive landscape.
Source: Navigant Research